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Showing 1 to 14 of 14 for “"Convertible Bonds"”.
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Analysis of convertible bonds
Includes bibliographical references ( leaves 90-92).
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Methods of pricing convertible bonds
… of hybrid securities with a focus on convertible bonds. We look at various methods to price these complex instruments and learn of the many subtleties they exhibit when traded in the market.
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Financial innovations and macroeconomic stability: an assessment of contingent convertible bonds
… has created a new type of asset: contingent convertible bonds (CoCos). When the banks’ ratio of assets and liabilities exceed a certain threshold, these bonds either convert into shares, which then boosts the capitalization of the bank, or are written off. These contingent convertible bonds …
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An analysis of the benefits of issuing convertible debt in South Africa: Shoprite Holdings Ltd case study
… is to investigate Shoprite’s decision to issue convertible bonds despite South African firms tending to favour traditional forms of debt or equity. The paper first revisits the theory on convertible debt to consider the possible reasons for why Shoprite elected to issue convertible debt, and …
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Shareholder wealth effects of convertible bond announcements in South Africa
This study examines shareholder wealth effects of convertible bond announcements in South Africa for the period 2004 to 2017. The data shows that South African companies issue convertible bonds for several reasons and that issues are not only South African rand denominated, but are in other …
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Hisse senedine dönüştürülebilir tahviller
Convertible Bonds (CBs), issued by incorporated companies, are securities which give the right to convert to the shares of the issuer. CBs are regulated in Turkish Commercial Code (Nr: 6102), Capital Market Law (Nr: 6362) and Communiqué on the Principles Regarding Board Registration and Sale of …
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The leverage changing consequences of convertible debt financing
… that the common stockholders of firms issuing convertible debt realize significantly negative returns upon the announcement of such financing. They further state that this observation is not consistent with the leverage hypothesis nor with the new financing models of Myers and Majluf (1984) and …
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An empirical analysis of the choice among issuing straight debt, equity, and equity-linked debt securities
… long-term capital. Straight debt, common stock, convertible debt, and units of debt with warrants (units) are included in the issuer’s opportunity set, with particular emphasis being placed on the choice between convertible debt and units. A unit of debt with warrants is a financial package …
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Agency theory: a model of investor equilibrium and a test of an agency cost rationale for convertible bond financing
… model the firm's decision to issue convertible versus nonconvertible bonds using explanatory variables which measure the extent of the agency problem. Individual investors are assumed to maximize expected utility of consumption by choosing consumption and investment amounts over a …
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Die Kapitalstruktur europäischer Emittenten von bedingten Pflichtwandelanleihen im Bankensektor: eine robuste Korrelationsund Portfoliooptimierungsanalyse mit besonderer Berücksichtigung der Wavelet-Analyse und von Bayesschen Netzen
… of European banks that have contingent convertible bonds outstanding. The robust estimation procedures focus on the correlation of returns and are based on the Wavelet Analysis and on Bayesian Nets. The estimation results will feature rolling and extending sample windows and be …
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The market reaction to convertible bond issues and the determinants of bookrunner selection
… examines three major aspects of international convertible bond offerings, particularly the market reaction and its determinants, the determinants of bookrunner selection in underwriting market and the outcomes of bookrunnerselection. These issues are important for a corporate firm to design the …
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Market Valuation of Convertible Securities of U.S. Airlines
… for capital the airlines have turned towards convertible securities. The important feature of convertibles is the relative insensitivity of their value to the risk of the issuing company (Brennan and Schwartz, 1988). This separation is achieved by selecting appropriate convertible contract …
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Essays in economics and finance
… structure towards a target. Conversion of a convertible bond causes a drop in leverage, which target capital structure theory suggests should be rebalanced in the future. Consistently, evidence is provided that following a realized conversion, firms rebalance their positions in less than a …